Aten

The Central Bank issued a strong warning about the possibility of a second withdrawal of 10% from the AFP. The president of the entity, Mario marcel, presented before the Finance Commission, ensuring that the growth of the economy would be at risk if the initiative is approved.

Marcel pointed out that the effects that a second withdrawal could generate should be evaluated. According to El Mercurio, the president of the Central Bank warned the senators that “the long-term risks have to do with the fact that A part of household savings is being consumed, which is part of the domestic savings that finance investment and investment determines the economy’s capacity for growth“.

BC will not mitigate wear

Along these lines, Marcel raised three scenarios if the new withdrawal was approved: the first is that another type of domestic actor increase savings, and the second, you could maintain investment at the expense of external savings.

A third scenario, “in which none of the other two components of savings increases and it is investment that is reduced, and reducing investment will reduce the growth capacity of the economy. “

Given the eventual effects, Marcel ruled out that the BC mitigates the wear of the second retirement, because it would not be “a necessarily mechanical repetition of the first”, projecting that both the profile and the decisions of the affiliates and the portfolio of the AFPs will be different, “since there has been an important liquidation of assets in the economy of something more than 6 percent of the product”.

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